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Board approves amended agricultural‑loan rules to add lines of credit and import‑replacement loans
Summary
The Board of Agriculture and Biosecurity unanimously approved amended HAR chapter 4‑8 to expand loan types (including secured lines of credit), add an import‑replacement loan category (up to $2.5 million at 3%), and set flat interest rates (4% general; 3% for new farmers). Staff said the changes follow public hearings and aim to increase farm liquidity.
Wayne Takamini, the Agricultural Loan Division presenter, asked the board to approve amended Hawai‘i Administrative Rules chapter 4‑8 after public hearings held March 9, 2026. The package adds new definitions (cooperatives, food hubs), creates lines of credit for working capital and a new import‑replacement loan category, and simplifies denial procedures.
Takamini said the rules would introduce two main financing changes: a flat interest structure—4% for most qualified farmers and 3% for new or part‑time farmers—and the addition of lines of credit that can…
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